Evening Headlines
Bloomberg:
- Australia's Economy Grows Slower Than Forecast on Households. Australia’s economy expanded slower than forecast in the three months through September, underscoring the likelihood of the central bank remaining on the sidelines for much of next year.
- Lithium Giant Eyes New Project to Tackle Electric-Car Boom. Soc. Quimica & Minera de Chile SA(SQM) is considering opportunities to establish a foothold in a fourth country, according to company officials, who asked not be named because the matter hasn’t been made public.
- Asian Stocks Fall as Miners Decline; Pound Drops. A subindex of mining companies weighed the most on the MSCI Asia Pacific Index. Shares fell in Japan, Australia and South Korea. American shares dropped, with an afternoon swoon wiping out early gains for a second straight day, as investors assessed the impact of proposed tax cuts. Copper plunged the most in almost three years. Ten-year Treasury yields maintained a slide to 2.35 percent, while the dollar held onto gains. The pound extended declines amid stalled Brexit negotiations. The Topix index fell 0.3 percent as of 9:25 a.m. in Tokyo, with mining sub-measures the biggest decliners. The Nikkei 225 Stock Average lost 0.4 percent. Australia’s S&P/ASX 200 Index declined 0.2 percent. South Korea’s Kospi index fell 0.3 percent.
- Bipartisan Bank-Relief Bill Wins Approval From Senate Panel. A key U.S. Senate panel has cleared a bill that could bring financial firms a significant chunk of the regulatory relief they’ve sought since the Dodd-Frank Act became law in 2010. Bipartisan legislation advanced Tuesday by the Senate Banking Committee would revise many parts of the sweeping 2010 overhaul, particularly those pertaining to small and regional banks. It would free midsize lenders from some of the strictest post-crisis oversight and cut compliance costs for community banks. It also includes some tweaks that Wall Street has sought, including a change to how banks classify municipal bonds.
Wall Street Journal:
MarketWatch.com:- Russia Barred From 2018 Winter Olympics Due to Doping. Some Russian athletes will be able to compete at the 2018 Pyeongchang Winter Olympics but by invitation only.
- No Alternative, No Tax Problem. The AMT deserves to die in the House-Senate tax conference.
- UPS(UPS), Overwhelmed by Online Orders, Warns of Delivery Delays. Delivery networks are still trying to cope with the busiest shopping periods despite big investments in operations and capacity.
- San Francisco Wasn’t a Sanctuary for Kate Steinle. Did the jurors acquit her killer to send a message of disapproval to President Trump?
- John Conyers to Leave Congress After He Was Accused of Sexual Misconduct. Faced calls to resign after being accused of inappropriate behavior toward female staff members.
- Trucking Companies Boost Big-Rig Orders on Rising Shipping Demand. Trucking fleets adding capacity for long-haul routes in anticipation of industry boom into 2018.
- Charting a bull-trend breakout, S&P 500 clears the 20-day volatility bands. Healthy sector rotation persists: Transports and financials take flight amid technology sector weakness, IYT XLF, XRT, QQQ, SMH.
Fox News:
CNBC:
Zero Hedge:
Sky News:
Earnings of Note
Company/Estimate
Sky News:
- Islamist suicide plot to assassinate Prime Minister Theresa May foiled. Sky's Crime Correspondent Martin Brunt said: "It's the latest in a number of terror plots that police and MI5 believe they've foiled this year. "I understand that the head of MI5, Andrew Parker, briefed Cabinet ministers today, such is the seriousness of what they believed they have uncovered. "It is in essence an extreme Islamist suicide plot against Downing Street. Essentially police believe that the plan was to launch some sort of improvised explosive device at Downing Street and in the ensuing chaos attack and kill Theresa May, the Prime Minister. "This is something which has been pursued over several weeks at least by Scotland Yard, MI5 and West Midlands Police. "It came to a head last week with the arrest of two men, by armed police, who were charged with preparing acts of terrorism." Naa'imur Zakariyah Rahman, 20, from north London and Mohammed Aqib Imran, 21, from south-east Birmingham are due to appear at Westminster Magistrates' Court on terror charges on Wednesday morning.
- Asian equity indices are -.75% to -.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 73.0 unch.
- Asia Pacific Sovereign CDS Index 14.0 unch.
- Bloomberg Emerging Markets Currency Index 73.33 -.03%.
- S&P 500 futures -.01%.
- NASDAQ 100 futures -.08%.
Earnings of Note
Company/Estimate
- (AEO)/.38
- (BF/B)/.53
- (FRED)/-.13
- (HRB)/-.72
- (JW/A)/.82
- (AVGO)/4.51
- (KFY)/.64
- (LULU)/.52
- (RMAX)/.51
8:15 am EST
- The November ADP Employment Change is estimated to fall to 190K versus 235K in October.
- Final 3Q Non-Farm Productivity is estimated to rise +3.3% versus a prior estimate of a +3.0% gain.
- Final 3Q Unit Labor Costs are estimated to rise +.2% versus a prior estimate of a +.5% gain.
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-2,780,630 barrels versus a -3,429,000 barrel decline the prior week.
Gasoline Supplies are estimated to rise by +1,894,000 barrels versus a +3,627,000 barrel gain the prior week. Distillate inventories are estimated to rise by 994,380 barrels versus a +2,747,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.37% versus a +1.3% gain prior.
- (PATK) 3-for-2
Other Potential Market Movers
- The Australia GDP report, German Factory Orders report, Japan Trade Balance report, weekly MBA Mortgage Applications report, (FAST) November Sales report, (NEM) Investor Day, (HD) Analyst Conference, Citi Healthcare Conference, Barclays Tech/Media/Telecom Conference and the Barclays Gaming/Lodging/Leisure/Restaurant/Food Conference could also impact trading today.
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